Alro Slatina exchanges the sale of shares

Alro Slatina modifies the prospectus for the sale of shares [19659004] At the same time, it is envisaged to introduce a price range between 3.5 lei and 4 lei, against a maximum advertised price of 6, 18 per share and gives individuals the opportunity to withdraw their subscriptions

"Retail investors must subscribe for Shares offered at a fixed price of 4 RON (or at the upper limit of the price band). are entitled to a discount of 7% (7%) on the offer price for subscriptions made validly during the offer period (ie, July 2, 2018 to July 19). 2018 inclusive) in the amendment Alro Slatina

From the beginning ut of the offer, from July 2 to July 12, date on which this news was written, private investors have introduced 6.2 million shares in 353 orders, a subscription of nearly 11%, even if the first days came to handing over, according to the information of the broker.

The low underwriting rate of the offer is probably determined by the fact that investors could only subscribe at the maximum price. Two shareholders, including the majority of Vimetco, have put up for sale 54% of the company's share capital, that is to say about 384 million shares, of which 15% attributed to the sales tranche retail, or 57.6 million units

Over the last 12 months, Alro Slatina 's stock has appreciated 115%, according to the investing.com platform. Since the beginning of the year 2018, ALR share is appreciated by 36%, adjusted for dividends paid by the company from the result of 2017, according to ZF calculations based on the BVB data

. July 10 with 1.6%, while BET-TR, a stock index that incorporates dividends paid by first-league companies, has a more than 10%.

Alro Slatina has the highest capitalization rate of the stock market: nearly 153%. Alro Slatina, issuer whose evolution on the Bucharest Stock Exchange is linked to the price of alumina, reached a market value of about 3 billion lei, compared with 1.2 billion lei in June 2017, according to the data of the BSE. [19659005] In the initial prospectus, Alro Slatina, the only aluminum producer and one of the most profitable companies in Romania, was valued at 4.4 billion lei (1 billion euros). ), if the price of the upper range of the supply was taken into account

By way of comparison, in December 2002, Alro Slatina had, during the year of its privatization, a value of market of 247 million lei on the Bucharest Stock Exchange. next year, it will rise to 637 million lei and increase its share capital with a cash contribution from the shareholders.

The Romanian state no longer holds shares Alro Slatina, being diluted after the capital of the majority shareholder – the Russians of Vimetco – and the 10% stake of Alro in Fondul Proprietatea is a foreign issuer with no state participation, according to data published on the BSE.

In the year of privatization, Alro had a business of 331 million euros and a net profit of 27 million euros. In 2017, the company recorded a turnover of about 540 million euros and a net profit of 70 million euros, according to data from the Ministry of Finance.

In 2002, the Romanian state had majority control of the company. after having sold 10% to Marco Group (becoming Vimetco in 2007) for 11 million euros. Marco had previously bought 41% of the shares through an aggressive purchase of capital market purchases. The Vimetco Group, controlled by businessman Vitali Matsitski, has received 1.3 billion lei from Alro since 2007, according to ZF calculations based on BVB data

Privatization Alro Slatina was then challenged in the press, and in 2006, the National Directorate of Anti-Corruption (DNA) began legal proceedings in a case on the legality of the privatization contract of the factory. The investigators understood that the privatization of Alro was illegal and that its purpose was the unjustified enrichment of those involved in the privatization process.

The MediaFax news agency notes that a year later, the investigation was dismantled, and a record was opened at DIICOT, in which case the facts of the establishment of An organized criminal group and trying to undermine the national economy

The record on the privatization of Alro Slatina, on DNA, was in turn classified, said Mihaiela Iorga in mid-January 2018, the one in charge of the investigation. Iorga said that when he left the institution in the summer of 2017, he requested an expertise in this case, the case being filed after his dismissal, according to MediaFax.

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